Indosat Ooredoo Hutchison (ISAT) Q3 2025 earnings summary

Executive summary

• Achieved 4% quarter-on-quarter revenue growth in Q3 2025, with all revenue lines contributing positively and a stable subscriber base of 95 million.

• EBITDA increased 0.8% QoQ, while normalized net profit rose 29.1% QoQ, supported by operational one-off gains.

• Focused on fundamentals in H1 2025, setting up for a stronger second half and maintaining profitability and cost discipline.

• AI TechCo vertical advanced with the GB200 GPU cluster going commercially live, fully contracted, and expected to deliver from Q4 2025.

• The financial statements received a clean review conclusion from the independent auditor, with no material misstatements identified.

Financial highlights

• Q3 2025 revenue grew 3.8% QoQ to IDR 14,052 billion, mainly from cellular and media (GPU) revenue.

• EBITDA margin declined by 1.4 percentage points to 46.2% due to higher spending to support growth.

• Normalized NPAT increased 29.1% QoQ to IDR 1,319 billion, driven by higher EBITDA and one-off gains.

• For the first nine months of 2025, revenue declined 1.6% YoY to IDR 41,162 billion, EBITDA down 3.3% YoY, and net profit fell 7.5% YoY.

• Basic and diluted EPS was Rp111.23, down from Rp120.25 (restated for stock split).

Outlook and guidance

• Management maintains guidance for low single-digit EBITDA growth for the full year, expecting continued momentum in cellular and AI TechCo in Q4.

• ARPU growth expected to continue, with targets of IDR 45,000–50,000 over time.

• GPU-as-a-service revenue for 2025 guided at $30–35 million, with 2026 annualized outlook at $65–70 million based on contracted customers.

• Capital expenditure commitments remain significant, with ongoing investments in network infrastructure and digital platforms.

• Fiber asset monetization in advanced discussions, with more clarity expected in the coming weeks.